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Form 10-Q the Clorox Company

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Form 10-Q the Clorox Company UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-07151 _________________________ THE CLOROX COMPANY (Exact name of registrant as specified in its charter) Delaware 31-0595760 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 1221 Broadway Oakland, California 94612-1888 (Address of principal executive offices) (Zip code) (510) 271-7000 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) _________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller Reporting Company Emerging Growth Company ¨ ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ As of April 17, 2019 , there were 127,367,814 shares outstanding of the registrant’s common stock ($1.00 par value). PART I – FINANCIAL INFORMATION Item 1. Financial Statements The Clorox Company Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Dollars in millions, except share and per share data) Three Months Ended Nine Months Ended 3/31/2019 3/31/2018 3/31/2019 3/31/2018 Net sales $ 1,551 $ 1,517 $ 4,587 $ 4,433 Cost of products sold 878 868 2,593 2,502 Gross profit 673 649 1,994 1,931 Selling and administrative expenses 216 208 639 609 Advertising costs 161 150 445 424 Research and development costs 34 32 98 95 Interest expense 24 20 72 61 Other (income) expense, net (2) (3) 8 (6) Earnings from continuing operations before income taxes 240 242 732 748 Income taxes on continuing operations 53 61 153 142 Earnings from continuing operations 187 181 579 606 Earnings (losses) from discontinued operations, net of tax — — — — Net earnings $ 187 $ 181 $ 579 $ 606 Net earnings (losses) per share Basic Continuing operations $ 1.46 $ 1.39 $ 4.53 $ 4.69 Discontinued operations — — — — Basic net earnings per share $ 1.46 $ 1.39 $ 4.53 $ 4.69 Diluted Continuing operations $ 1.44 $ 1.37 $ 4.45 $ 4.60 Discontinued operations — — — — Diluted net earnings per share $ 1.44 $ 1.37 $ 4.45 $ 4.60 Weighted average shares outstanding (in thousands) Basic 128,404 129,694 128,092 129,357 Diluted 130,266 131,900 130,218 131,703 Comprehensive income $ 200 $ 180 $ 562 $ 624 See Notes to Condensed Consolidated Financial Statements (Unaudited) 2 The Clorox Company Condensed Consolidated Balance Sheets (Dollars in millions, except share and per share data) 3/31/2019 6/30/2018 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 178 $ 131 Receivables, net 587 600 Inventories, net 556 506 Prepaid expenses and other current assets 72 74 Total current assets 1,393 1,311 Property, plant and equipment, net of accumulated depreciation and amortization of $2,125 and $2,061, respectively 1,000 996 Goodwill 1,589 1,602 Trademarks, net 791 795 Other intangible assets, net 124 134 Other assets 265 222 Total assets $ 5,162 $ 5,060 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Notes and loans payable $ 321 $ 199 Accounts payable and accrued liabilities 940 1,001 Total current liabilities 1,261 1,200 Long-term debt 2,286 2,284 Other liabilities 774 778 Deferred income taxes 60 72 Total liabilities 4,381 4,334 Commitments and contingencies Stockholders’ equity Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding — — Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares issued as of March 31, 2019 and June 30, 2018; and 127,888,226 and 127,982,767 shares outstanding as of March 31, 2019 and June 30, 2018, respectively 159 159 Additional paid-in capital 1,033 975 Retained earnings 3,004 2,797 Treasury shares, at cost: 30,853,235 and 30,758,694 shares as of March 31, 2019 and June 30, 2018, respectively (2,851) (2,658) Accumulated other comprehensive net (loss) income (564) (547) Stockholders’ equity 781 726 Total liabilities and stockholders’ equity $ 5,162 $ 5,060 See Notes to Condensed Consolidated Financial Statements (Unaudited) 3 The Clorox Company Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in millions) Nine Months Ended 3/31/2019 3/31/2018 (As Adjusted*) Operating activities: Net earnings $ 579 $ 606 Deduct: Losses from discontinued operations, net of tax — — Earnings from continuing operations 579 606 Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations: Depreciation and amortization 133 121 Stock-based compensation 34 37 Deferred income taxes (7) (43) Other (29) 24 Changes in: Receivables, net 11 (29) Inventories, net (51) (58) Prepaid expenses and other current assets (10) (2) Accounts payable and accrued liabilities (55) (64) Income taxes payable/receivable, net (2) (16) Net cash provided by continuing operations 603 576 Net cash provided by discontinued operations — — Net cash provided by operations 603 576 Investing activities: Capital expenditures (135) (126) Other 9 14 Net cash used for investing activities (126) (112) Financing activities: Notes and loans payable, net 117 657 Long-term debt borrowings, net of issuance costs — 396 Long-term debt repayments — (400) Treasury stock purchased (315) (70) Cash dividends paid (368) (326) Issuance of common stock for employee stock plans and other 137 35 Net cash (used for) provided by financing activities (429) 292 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (2) 2 Net increase in cash, cash equivalents, and restricted cash 46 758 Cash, cash equivalents, and restricted cash: Beginning of period 134 419 End of period $ 180 $ 1,177 *Adjusted to reflect the retrospective adoption of Accounting Standards Update (ASU) No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” effective July 1, 2018. As of March 31, 2019 and 2018 and June 30, 2018 and 2017, the Company had $2 , $3 , $3 and $2 of restricted cash, respectively, and the restricted cash was included in Prepaid expenses and other current assets and Other assets in the condensed consolidated balance sheets. See Notes to Condensed Consolidated Financial Statements (Unaudited) 4 The Clorox Company Notes to Condensed Consolidated Financial Statements (Unaudited) (Dollars in millions, except share and per share data) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim condensed consolidated financial statements for the three and nine months ended March 31, 2019 and 2018 , in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain prior year reclassifications were made in the condensed consolidated statements of cash flows to conform to the current year presentation. The information in this report should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2018 , which includes a complete set of footnote disclosures, including the Company’s significant accounting policies. Revenue Recognition Revenue is recognized when performance obligations under the terms of the contracts with customers are satisfied. The Company's performance obligation generally consists of the promise to sell finished products to wholesalers, distributors, retailers or consumers. Control of finished products is transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. Once control is transferred to the customer, the Company has completed its performance obligation, and revenue is recognized. After completion of the performance obligation, there is an unconditional right to consideration as outlined in the contract. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due.
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